Global residential property management group continues significant U.S. expansion
STOCKHOLM, SWEDEN, MIAMI, FL and ATLANTA, GA – Sept. 19, 2024 – Odevo, the rapidly expanding international leader in residential property management, enters the Georgia market with the addition of HomeOwners Advantage (HOAdv). Led by CEO Rich Hagan, HOAdv is a premier condominium association management company based in Atlanta.
Founded in 2001, HOAdv specializes in managing amenity-rich high-rises, with a similar customer base and infrastructure to Odevo’s flagship U.S. brand KW PROPERTY MANAGEMENT & CONSULTING (KWPMC). It offers a comprehensive suite of residential, financial and administrative management services. HOAdv serves 46 associations totaling more than 8,000 units in the Atlanta area.
“This is a tremendous step in our strategic expansion plan,” said Paul Kaplan, CEO of Odevo U.S. “HOAdv gives us an important foothold in Georgia, which continues to experience substantial development activity and population growth. Rich Hagan and the HOAdv team provide best-in-class property management services to high-rise condominium residents throughout Georgia.”
HOAdv’s strong leadership, cultural fit and organic growth were also critical factors in the union with Odevo.
“From our perspective, joining Odevo gives us an incredible competitive advantage in the markets we operate in,” Hagan said. “We benefit from access to Odevo’s global platform and resources, while maintaining our established brand. Our high-rise condominium association management focus also aligns perfectly with KWPMC.”
After debuting in the U.S. in 2022 with Florida-based KWPMC, Odevo has successfully expanded its U.S. portfolio to include renowned property management firms Spectrum AM, William Douglas and HomeRiver Group’s HOA division, now managing over 500,000 homes and generating $275 million USD in revenue in the U.S. This reflects the company's momentum to further pursue growth and provide industry-leading services to homeowner associations across Europe and the U.S. Since its foundation, Odevo has achieved a thirtyfold increase in revenue and maintained an average annual growth rate of 71% between 2019 and 2023, with the group's revenue now exceeding $720 million USD.
Odevo has a unique approach to creating a leading international group of complementary property management with top-tier local service offerings. It promotes a strong chain of individual brands to join an international group to drive an industry leading service product in the many communities served.
Odevo plans to continue its growth journey, by increasing its portfolio of homes under management organically, attracting additional companies to join the group and expanding its service offerings beyond traditional property management. It is investing significantly in technology, expanding from four to 150 developers in just four years. This approach has secured leading positions in Sweden, Finland, the United Kingdom and the United States in just a few years.
“In less than two years since our U.S. arrival with KWPMC, we have expanded significantly through the addition of established local brands in Florida, the Carolinas, Texas and now Georgia,” said Daniel Larsson, Group CEO at Odevo. “We remain laser-focused on our mission to simplify living for millions of residents across the U.S. and worldwide.”
About Odevo
Established in 2019, Odevo is a fast-growing international company challenging the property management industry, not least through its focus on technology innovation. The Odevo Group consists of 7,000 employees and has an annual revenue of nearly $720 million USD. The average growth between 2019 and 2023 was 71% per year, about 14% of which was organic. Odevo plans to continue its strong growth and invites more companies to join their journey to transform the homeowner experience all over the world.
Visit https://odevo.com
